What is compliance and why is hiring compliance manager a hectic practice for any organization???
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Compliance services basically include TDS, Service Tax, Excise Law, Company law matters, etc.
With the day to day changes/ amendments in the law it is very difficult for the companies to follow all compliance timely and in a required manner. To keep a mere track on all such crucial activities, a company needs to appoint a compliance manger. Now comes the primary concern about hiring the same, since there are serial drawbacks of hiring an in-house compliance manager as it is difficult to find one person who is good at it. However alternatively Outsourced Tax Manager will be able to provide all these services. In the current case since there are changes in the laws, it is very difficult for the companies to follow all compliance timely and in a required manner.
If we stretch more on comparing between In-house & Outsourced Compliance Manager with reference to the below briefs – we assure maximum companies would opt on hiring an Outsourced Compliance Manager against the choice of In-house Compliance Manager.
No matter what size your organization is – small, medium or large; No matter to which category of your organization is – Family run business, Multinational company, companies having branches at different locations, PE/VC invested company, start ups – no one doubt faces the growing challenges of complying with the rapidly evolving and highly complex compliance requirements. To cope up with these entire challenges one can move to hire Outsourced compliance manager. Below are the illustrative benefits of having outsourced compliance managers:
Outsourced Compliance Manager is well versed with the various Laws, rules, regulation, policies, etc which offers specialized compliance services that perfectly meet the organization’s requirements.
As one can imagine from the above explanations, it takes lot of effort and investment for the set up of in-house Compliance Division in terms of both money and manpower. Not every organization can afford to or even want to spend so many resources in in-house compliance division and that too have a question on specialization of compliance division. Nowadays, it is absolutely vital for the business to be compliance with all laws of the country.
By Compliance Outsourcing to an experienced firm, one can ensure specialized compliance without having to hire in-house manpower and maintain separate department for it. Outsourced Compliance Manager is an ideal for solution to be compliant in all aspects of statutes of land.
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Rule 42 and 43 of the CGST rules are applicable for claim of input tax credit wherein the supply is being partly used for the purposes of business and partly for other purposes. In such cases, input tax credit cannot be claimed fully by the taxpayer and part of the input tax credit claim must be reversed. In this article, we look at Rules 42 and 43 of the CGST rules in detail along with procedure for reversing input tax credit claim.
FAFP,FCA, DISA, (ICAI) with 15 years experience
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